§ 527.7

527.7 Records maintained. 1. All transactions engaged in through a satellite terminal shall be recorded in a form from which it will be possible to produce a humanly readable record of any transaction, and theserecordings shall be retained by the utilizing financial institutions for the periods required bylaw. 2. The machine receipt provided to a satellite account transaction card user by a satellite terminal shall be admissible as evidence in any legal action or proceeding and shall constituteprima facie proof of the transaction evidence by that receipt. 3. A financial institution shall provide each of its satellite account holders with a periodic account statement that shall contain a brief description of all satellite terminal transactionssufficient to enable the account holder to identify any transaction and to relate it to machinereceipts provided by satellite terminals. 4. When a periodic account statement includes both satellite terminal transactions and other nonsatellite terminal transactions, all satellite terminal transactions shall be indicatedas such, and shall be accompanied by the description required by subsection 3. 5.

inal transactions and other nonsatellite terminal transactions, all satellite terminal transactions shall be indicatedas such, and shall be accompanied by the description required by subsection 3. 5. The administrator may provide by rule for the recording and maintenance, by any financial institution utilizing a satellite terminal, of amounts involved in a transactionengaged in through the satellite terminal which are of a known tax consequence tothe customer initiating the transaction. For the purpose of this subsection, 'known taxconsequences' means and includes but shall not be limited to the following: a. An amount directly or indirectly received from a customer and applied to a loan account of the customer which represents interest paid by the customer to the financial institution. b. In any transaction where the total amount involved is deducted from funds in a customer’s account and is simultaneously paid either directly or indirectly by the financialinstitution to the account of a third party, any portion of the transaction amount whichrepresents a sales or other tax imposed upon or included within the transaction and collectedby that third party from the customer, or any

of a third party, any portion of the transaction amount whichrepresents a sales or other tax imposed upon or included within the transaction and collectedby that third party from the customer, or any portion of the transaction amount whichrepresents interest paid to the third party by the customer. c. Any other transaction which the administrator determines to have direct tax consequences to the customer. The administrator also may provide for the periodic distribution to customers of summaries of transactions having known tax consequences. [C77, 79, 81, §527.7]91 Acts, ch 216, §12; 2012 Acts, ch 1023, §136 Sat Dec 23 01:30:45 2023 Iowa Code 2024, Section 527.7 (17, 0)